Following the increasing rate of Nigerians patronizing 'MMM' scheme which stands for Mavrodi Mondial Moneybox, The Central Bank of Nigeria has cautioned Nigerians against the scheme which is not regulated by any institution.

According to Punch, The Head, Consumer Protection Department, CBN, Hajiya Kadija Kassim, stated this during a mentoring programme for students of the Government Secondary School, Suleja, Niger State.

Kassim, while responding to a question asked by one of the students, described the scheme as fraudulent since it was not supported by any business model.

She said, “We have heard about the activities of MMM, but I want to warn you against it because they are wonder banks that are not regulated.

“Desist from their activities because they are fraudulent.”


ALSO READ: Beware of MMM Nigeria - UK Newspaper warns

She said the theme of this year’s World Savings Day, ‘Don’t save what is left after spending, but spend what is left after saving’, would assist in creating the needed awareness on the need to save.

She added, “The World Savings Day is a tradition created with the objective of stressing the importance of savings for modern economies and individuals alike.

“The primary objective is to increase awareness on financial literacy among various segments of the general public to sensitise them to the importance of saving, earning a livelihood, inculcating a savings habit, and generating employment and entrepreneurship for personal and national development.”


The apex bank’s warning is coming at a time when the huge unemployment situation in the country is making a lot of people to take interest in an online investment scheme tagged: ‘MMM Federal Republic of Nigeria'

The platform has embarked on an aggressive online media campaign to lure the investing public to participate in what it called “mutual aid financial network,” with a monthly investment return of 30 percent.

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